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Published On: Fri, Apr 27th, 2018

FAAC: FG, States, LGAs share N626.827bn for Month of April

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By Etuka Sunday

A total sum of N626. 827billion was yesterday shared among the three tiers of government: Federal , States and Local Governments being the allocation for the month of April, 2018.
The amount (N626.827), was lower than the N647.390billion shared by the three tiers of government in the previous month.
The Accountant-General of the Federation, Ahmed Idris who presided over the meeting on behalf of the Minister of Finance, said, the gross statutory revenue of N480. 599 billion received for the month was lower than the N557.943billion received in the previous month by N77.344 billion.
He said, Crude oil export sales volume decreased by 13% when compared with the 5.42 million barrels from the previous month, resulting in reduced revenue from Federation Crude Oil Exports Sales by $33.58 million. However, the average crude oil price increased from $63.08 to $65.72 per barrel.
“The issues that negatively affected production were the shut-ins and shut-downs at various terminals for repairs and maintenance.
“There was a considerable rise in Oil Royalty for the month while Companies Income Tax (CIT) and Import Duty recorded marginal increases.
“Value Added Tax (VAT) decreased slightly but there was a significant drop in income from Petroleum Profit Tax (PPT).
“The distributable Statutory Revenue for the month is N480. 599billion. The total revenue distributable for the current month (including VAT and Forex Equalisation) is N626. 827billion”, he said.
Speaking on the NNPC yet to reconciled N12billion, he said reconciliation is ongoing, adding that some figures had been reconciled.

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